NEW YORK--(BUSINESS WIRE)--Reynolds Group Holdings Limited (“Reynolds Group”) and its wholly-owned
subsidiaries, Reynolds Group Issuer LLC, Reynolds Group Issuer Inc. and
Reynolds Group Issuer (Luxembourg) S.A. (collectively, the “Reynolds
Issuers”), today announced the extension of the Senior Secured Notes
Early Tender Deadline and Senior Notes Early Tender Deadline (each as
defined in the Premium Tender Offer to Purchase) of the previously
announced (1) cash tender offer (the “Premium Senior Secured Notes
Tender Offer”) by the Reynolds Issuers for their senior secured notes
identified in the table below (the “Senior Secured Notes”) and (2) cash
tender offer (the “Premium Senior Notes Tender Offer” and, together with
the Premium Senior Secured Notes Offer, the “Premium Tender Offers”) by
the Reynolds Issuers for their senior notes identified in the table
below (together with the Senior Secured Notes, the “Notes”), from 11:59
p.m., New York City time, on March 3, 2015, to 11:59 p.m., New York City
time, on March 16, 2015, unless further extended. All other terms,
provisions and conditions of the Premium Tender Offers will remain in
full force and effect. Such terms, provisions and conditions are set
forth in the Reynolds Issuers’ Offer to Purchase, dated February 17,
2015 (as amended or supplemented from time to time, the “Premium Tender
Offer to Purchase”) and related Letter of Transmittal (as amended or
supplemented from time to time, the “Premium Tender Offer Letter of
Transmittal”).

The previously announced expiration of withdrawal rights for each of the
Premium Tender Offers of 11:59 p.m., New York City time, on March 3,
2015, will not be extended; therefore, previously tendered Notes may not
be withdrawn after such time and any Notes tendered after such time will
not have withdrawal rights.

According to information provided by D.F. King & Co., Inc., the
Information Agent and Tender Agent for the Premium Tender Offers, the
aggregate principal amount of each series of Notes that had been validly
tendered and not validly withdrawn pursuant to the Premium Tender Offers
as of 5:00 p.m., New York City time, on March 3, 2015, is listed in the
table below:

Percentage of

Aggregate

Aggregate

Aggregate

Principal

Acceptance

Principal

Principal

CUSIP and ISIN

Amount

Priority

Amount

Amount

Total

Title of Security

Numbers

Outstanding

Level

Tendered

Outstanding

Consideration

Premium Senior Secured Notes Tender Offer

7.125% Senior SecuredNotes due April 2019

Reg.: 761735AK5 / US761735AK54

144A: 74959G AA8 / US74959GAA85

Reg S: U76227 AA2 / USU76227AA24

$1,500,000,000

SSN 1

$665,140,000

44.34%

$1,039.00

7.875% Senior SecuredNotes due August 2019

Reg.: 761735AG4 / US761735AG43

144A: 74959H AA6 / US74959HAA68

$1,500,000,000

SSN 2

$868,444,000

57.90%

$1,065.00

Premium Senior Notes Tender Offer

9.000% Senior Notesdue April 2019

Reg.: 761735AL3 / US761735AL38

144A: 74959G AC4 / US74959GAC42

$1,500,000,000

SN 1

$850,686,000

56.71%

$1,050.00

8.500% Senior Notesdue May 2018

Reg.: 761735AB5 / US761735AB55

144A: 761735 AA7 / US761735AA72

$1,000,000,000

SN 2

$323,746,000

32.37%

$1,032.00

9.875% Senior Notesdue August 2019

Reg.: 761735AH2 / US761735AH26

144A: 74959H AB4 / US74959HAB42

$2,241,050,000

SN 3

$1,344,966,000

60.01%

$1,082.50

Each of the Premium Senior Secured Notes Tender Offer and Premium Senior
Notes Tender Offer is scheduled to expire at 11:59 p.m., New York City
time, on March 16, 2015, unless extended or earlier terminated by the
Reynolds Issuers. Any proration of the Notes will be determined after
the expiration time for the Premium Tender Offers.

Holders who validly tender their Notes on or prior to the amended Senior
Secured Notes Early Tender Deadline and amended Senior Notes Early
Tender Deadline, as applicable, will be eligible to receive the “Total
Consideration” as set forth in the table below per $1,000 principal
amount of Notes tendered, which includes the “Early Tender Payment” of
$30 per $1,000 of the Notes.

Full details of the terms and conditions of the Premium Tender Offers
are included in Premium Tender Offer to Purchase and Premium Tender
Offer Letter of Transmittal.

None of the Reynolds Issuers, Reynolds Group, the dealer manager, the
information agent and tender agent or any other person makes any
recommendation as to whether holders of the Notes should tender their
Notes, and no one has been authorized to make such a recommendation.

About Reynolds Group:

Reynolds Group is a leading global manufacturer and supplier of consumer
food and beverage packaging and storage products. Reynolds Group is
based in Lake Forest, Illinois. Additional information regarding
Reynolds Group is available at www.reynoldsgroupholdings.com.

Forward-Looking Statements:

This press release may contain “forward-looking statements.”
Forward-looking statements include statements regarding the goals,
beliefs, plans or current expectations, including our ability to
complete the SIG disposition, of Reynolds Group, taking into account the
information currently available to our management. Forward-looking
statements are not statements of historical fact. For example, when we
use words such as “believe,” “anticipate,” “expect,” “estimate,” “plan,”
“intend,” “should,” “would,” “could,” “may,” “will” or other words that
convey uncertainty of future events or outcomes, we are making
forward-looking statements. We have based these forward-looking
statements on our management’s current view with respect to future
events and financial performance and future business and economic
conditions more generally. These views reflect the best judgment of our
management, but involve a number of risks and uncertainties which could
cause actual results to differ materially from those predicted in our
forward-looking statements and from past results, performance or
achievements. Although we believe that the estimates and the projections
reflected in the forward-looking statements are reasonable, such
estimates and projections may prove to be incorrect, and our actual
results may differ from those described in our forward-looking
statements as a result of the following risks, uncertainties and
assumptions, among others: risks related to strategic transactions,
including completed and future acquisitions and dispositions, such as
the risks that we may be unable to complete an acquisition or
disposition, such as the SIG disposition, in the timeframe anticipated,
on its original terms, or at all, or that we may not be able to achieve
some or all of the benefits that we expect to achieve from such
transactions, including risks related to integration of our acquired
businesses, or that a disposition may have an unanticipated effect on
our remaining businesses; risks related to the future costs of raw
materials, energy and freight; risks related to economic downturns in
our target markets; risks related to changes in consumer lifestyle,
eating habits, nutritional preferences and health-related and
environmental concerns that may harm our business and financial
performance; risks related to complying with environmental, health and
safety laws or as a result of satisfying any liability or obligation
imposed under such laws; risks related to the impact of a loss of one of
our key manufacturing facilities; risks related to our exposure to
environmental liabilities and potential changes in legislation or
regulation; risks related to our dependence on key management and other
highly skilled personnel; risks related to the consolidation of our
customer bases, competition and pricing pressure; risks related to
exchange rate fluctuations; risks related to dependence on the
protection of our intellectual property and the development of new
products; risks related to our pension plans; risks related to our
hedging activities which may result in significant losses and in
period-to-period earnings volatility; risks related to our suppliers of
raw materials and any interruption in our supply of raw materials; risks
related to our substantial indebtedness and our ability to service our
current and future indebtedness; risks related to increases in interest
rates which would increase the cost of servicing our debt; risks related
to restrictive covenants in our outstanding notes and our other
indebtedness which could adversely affect our business by limiting our
operating and strategic flexibility; and risks related to other factors
discussed under the heading “Risk Factors” in our Annual Report on Form
20-F for the fiscal year ended December 31, 2014 (the “2014 Annual
Report”).

The risks described above and the risks disclosed in or referred to in
“Part I — Item 3. Key Information — Risk Factors” in the 2014 Annual
Report are not exhaustive. Reynolds Group’s other SEC filings may
describe additional factors that could adversely affect our business,
financial condition or results of operations. Moreover, we operate in a
very competitive and rapidly changing environment. New risk factors
emerge from time to time and it is not possible for us to predict all
such risk factors, nor can we assess the impact of all such risk factors
on our business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements. Given these risks and
uncertainties, you are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date the
statements were made. Except as required by law, we undertake no
obligation to publicly update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise. All
subsequent written and oral forward-looking statements attributable to
us or to persons acting on our behalf are expressly qualified in their
entirety by the cautionary statements referred to above.